| Re: Satyam's Foul Play -
January 14th, 2009
Mr Ramalinga Raju is to be blamed for the fiasco mainly, though Auditors, Independent Directors and regulators can not escape from their responsibilities.
About 4-5 yrs back,Satyam was No 4 largest I T Company in India behind TCS, Infosys and WIPRO. In last 4-5 years, TCS, Infosys and WIPRO have grown exponentially but satyam could not catch up with the pace. Raju, in his zeal to retain No 4 position, resorted to fraud. This is the main reason. Secondly, lot of money has been diverted by raju to acquire land through out Andhra pradesh.This triggered cash crunch. Ultimately, the man fell victim to his own greed and in the process, he brought down entire Industry, India as a Investment destination,millions of small investors and India's image world wide.As a punishment, Raju may languish in jail for 10-12 yrs and pay a fine of Rs 25-50 crores. But will the lost image and reputation of India Inc be salvaged??? it is a long drawn battle.We all should be prepared. Worst nightmare is how many more Satyam-like frauds are covered behind the doors? |